|
In the second-quarter GDP grew 2.8 %
GDP, U.S. Economy
The U.S. economy grew at a solid pace during the April-through-June period, , investments and government spending made major contributions.
In the second-quarter U.S. economy grew by 2.8 % to $28,629 billions, an increase from $28,269 billions in the first-quarter on the seasonally adjusted basis. Investments and government spending grew above averge in the second-quarter.
Broad-based economic growth at a solid pace during the second-quarter, raises hopes that, the U.S. economy is on self-sustaining path. The first estimate of GDP will be revised twice before it becomes final. The advance report includes estimates for trade and inventory growth. Gross National Product rose by 3.1 % in the past 12 months, . |
Federal spending rose 3.90 %, including an 5.20 % rise in national defense spending. Government spending on national defense accounts for 3.66 % of total nation's output and 20.96 % of total government spending. Spending by government at all levels jumped by 3.10 %.
The government provides three estimates of economic growth per quarter, with each reflecting more complete information than the last.
In the second-quarter real consumer spending was estimated to have increased at a 2.3 % annualized clip, it is less than total gdp growth but higher then in the previous three months, reported by the Commerce Department.
With estimated annual rate of $19,378 billions, seasonally adjusted in the first-quarter, consumer spending accounts for 68.55 % of economic activity.
Spending on U.S. made Goods increased by 1.4 %, where consumption of Durable Goods grew by 4.7 %, helped by improving consumption of other durable goods.
The bright spot of consumer spending was the increasing demand for nondurable goods, by 2.2 %, was helped by improving consumption gasoline and other energy goods, up 2.58 %.
U.S. Sevice sector grew faster than gross national product by 2.5 %, led by growing demand for financial services. Consumer spending for services accounts for 68.52% of total speding and 46.4% of total GDP.
Final sales for domestic product, considered a measure of domestic demand because it excludes inventories and trade, jumped at a 2.0 % rate in the second-quarter after rising 1.8 % in the first-quarter.
• More on U.S. Real Gross Domestic Product
|
|
Contributions
to Percent Change in Real GDP |
|
1.57% |
1.46% |
0.53% |
0.12% |
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
|
Investments soared by 8.40 % to $5,145 billions and accelerated on the seasonally adjusted basis, reported by the Commerce Department.
Stronger inventory buildup from April-through-June, added 0.83 percentage point to growth.
Economists expect companies to cut back on inventories in the July-through-September quarter. As a result, GDP growth is expected to slow.
|
|
|
|
Quarters seasonally adjusted
(At annual rates Q / Q, in %) |
II Quarter
2024
adv. |
I Quarter
2024
final |
IV Quarter
2023
final |
III Quarter
2023
final |
II Quarter
2023
final |
I Quarter
2023
adv. |
| Gross domestic product (GDP) |
|
2.8 % |
1.4 % |
3.4 % |
5.2 % |
2.1 % |
2 % |
|
Personal consumption expenditures |
|
2.3 % |
1.5 % |
3.3 % |
3.6 % |
0.8 % |
4.2 % |
| Goods |
|
1.4 % |
-1.1 % |
2.9 % |
3.5 % |
0.9 % |
0.5 % |
| Durable goods |
|
4.7 % |
-4.5 % |
3.2 % |
6.8 % |
-0.3 % |
16.3 % |
| Nondurable goods |
|
2.2 % |
3.3 % |
3.4 % |
3 % |
1 % |
3.2 % |
| Services
|
|
2.5 % |
-2.3 % |
3 % |
4.7 % |
0.5 % |
6 % |
| |
|
|
|
|
|
|
|
Gross private domestic investment |
|
8.4 % |
4.4 % |
0.7 % |
10.5 % |
5.2 % |
-11.9 % |
| Fixed investment |
|
3.6 % |
7 % |
3.5 % |
2.4 % |
5.2 % |
-0.4 % |
| Nonresidential |
|
5.2 % |
4.4 % |
3.7 % |
1.3 % |
7.4 % |
0.6 % |
| Structures |
|
-3.3 % |
3.4 % |
10.9 % |
6.9 % |
16.1 % |
15.8 % |
| Equipment &
software |
|
11.6 % |
1.6 % |
-1.1 % |
-3.5 % |
7.7 % |
-8.9 % |
| Residential |
|
-1.4 % |
16 % |
2.8 % |
6.2 % |
-2.2 % |
-4 % |
| Change in private
inventories |
|
- % |
- % |
- % |
- % |
- % |
- % |
| |
|
|
|
|
|
|
|
Net exports of goods and services |
|
|
|
|
|
|
| Exports
|
|
2 % |
1.6 % |
5.1 % |
6 % |
-9.3 % |
7.8 % |
| Goods |
|
1.7 % |
-0.5 % |
6.2 % |
7.7 % |
-16 % |
12.3 % |
| Services |
|
2.6 % |
5.9 % |
2.8 % |
2.7 % |
6.2 % |
-1.3 % |
| Imports
|
|
6.9 % |
6.1 % |
2.2 % |
5.2 % |
-7.6 % |
2 % |
| Goods |
|
7.7 % |
6.5 % |
1.3 % |
6 % |
-6.5 % |
2.3 % |
| Services |
|
3.6 % |
4.3 % |
6.2 % |
1.9 % |
-12.2 % |
0.4 % |
| |
|
|
|
|
|
|
| Govt. consumption exp.
& gross investment |
|
3.1 % |
1.8 % |
4.6 % |
5.5 % |
3.3 % |
5 % |
| Federal |
|
3.9 % |
-0.2 % |
2.4 % |
7 % |
1.1 % |
6 % |
| National defense |
|
5.2 % |
-0.9 % |
0.5 % |
8.2 % |
2.3 % |
2.5 % |
| Nondefense |
|
2.2 % |
0.6 % |
4.8 % |
5.5 % |
-0.4 % |
10.5 % |
| State & local |
|
2.6 % |
3 % |
6 % |
4.6 % |
4.7 % |
4.4 % |
| |
|
|
|
|
|
|
| Addenda: |
|
|
|
|
|
|
| Final sales of domestic product |
|
2 % |
1.8 % |
3.9 % |
3.7 % |
2.1 % |
4.2 % |
| Gross domestic purchases |
|
3.5 % |
2 % |
3.1 % |
5.1 % |
2 % |
1.4 % |
| Final sales to domestic
purchasers |
|
2.7 % |
2.4 % |
3.5 % |
3.7 % |
2 % |
3.5 % |
| Gross national product
(GNP) |
|
- % |
1.2 % |
3.3 % |
5 % |
2.3 % |
1.6 % |
| Disposable personal income |
|
1 % |
1.3 % |
2 % |
0.1 % |
3.5 % |
8.5 % |
| |
|
|
|
|
|
|
| Current-dollar measures: |
|
|
|
|
|
|
| GDP |
|
5.2 % |
4.5 % |
5.1 % |
8.9 % |
3.8 % |
6.1 % |
| Final sales of domestic product |
|
4.4 % |
5.1 % |
5.6 % |
7.4 % |
3.9 % |
8.6 % |
| Gross domestic purchases |
|
5.1 % |
5.7 % |
5.5 % |
6.8 % |
3.4 % |
7.5 % |
| Final sales to domestic purchasers |
|
5.1 % |
5.6 % |
5.3 % |
6 % |
3.7 % |
7.6 % |
| GNP |
|
- % |
4.3 % |
5 % |
8.7 % |
4 % |
5.7 % |
| Disposable personal income |
|
3.6 % |
4.8 % |
3.8 % |
2.9 % |
6.1 % |
12.9 % |
| |
|
|
|
|
|
|
Quarters seasonally adjusted
(Quarterly Y / Y, in %) |
II Quarter
2024
final |
I Quarter
2024
final |
IV Quarter
2023
final |
III Quarter
2023
final |
II Quarter
2023
final |
I Quarter
2023
adv. |
| Gross domestic product (GDP) |
|
3.1 % |
2.9 % |
3.1 % |
3 % |
2.4 % |
1.8 % |
|
Personal consumption expenditures |
|
2.5 % |
2.2 % |
2.7 % |
2.3 % |
1.8 % |
2.4 % |
| Goods |
|
1.7 % |
1.6 % |
2 % |
1.4 % |
0.1 % |
-0.4 % |
| Durable goods |
|
2.4 % |
1.2 % |
5.8 % |
4.7 % |
3.2 % |
2.6 % |
| Nondurable goods |
|
2.8 % |
2.5 % |
2.4 % |
2.2 % |
2.2 % |
3.3 % |
| Services
|
|
2 % |
1.5 % |
3.3 % |
2.5 % |
1.2 % |
0.7 % |
| |
|
|
|
|
|
|
|
Gross private domestic investment |
|
5.8 % |
5 % |
1.5 % |
2.3 % |
-2.2 % |
-8.1 % |
| Fixed investment |
|
4.2 % |
4.6 % |
3.6 % |
1.2 % |
-0.5 % |
-3.2 % |
| Nonresidential |
|
3.7 % |
4.3 % |
4.6 % |
4 % |
4.9 % |
2.7 % |
| Structures |
|
5.3 % |
10.3 % |
16.9 % |
14.6 % |
12.3 % |
3 % |
| Equipment &
software |
|
1.8 % |
0.9 % |
-0.6 % |
-1.4 % |
0.9 % |
-1.2 % |
| Residential |
|
5.8 % |
5.6 % |
0.4 % |
-7.3 % |
-15.4 % |
-19 % |
| Change in private
inventories |
|
- % |
- % |
- % |
- % |
- % |
- % |
| |
|
|
|
|
|
|
|
Net exports of goods and services |
|
|
|
|
|
|
| Exports
|
|
3.5 % |
0.5 % |
1.8 % |
-0.2 % |
2.1 % |
7.9 % |
| Goods |
|
3.7 % |
-1.1 % |
1.9 % |
-1.3 % |
1.7 % |
9.1 % |
| Services |
|
3.1 % |
4 % |
1.6 % |
2.1 % |
2.6 % |
5.2 % |
| Imports
|
|
4.9 % |
1.1 % |
-0.1 % |
-1.5 % |
-3.9 % |
-2.3 % |
| Goods |
|
5.3 % |
1.7 % |
0.5 % |
-0.9 % |
-4.1 % |
-3.2 % |
| Services |
|
2.8 % |
-1.4 % |
-2.7 % |
-4 % |
-2.6 % |
2.8 % |
| |
|
|
|
|
|
|
| Govt. consumption exp.
& gross investment |
|
3.8 % |
3.9 % |
4.6 % |
4.7 % |
4.1 % |
2.7 % |
| Federal |
|
3.2 % |
2.5 % |
3.9 % |
5.7 % |
4.3 % |
3 % |
| National defense |
|
3.2 % |
2.5 % |
3.2 % |
5 % |
2.9 % |
2.7 % |
| Nondefense |
|
3.3 % |
2.6 % |
4.8 % |
6.7 % |
6.1 % |
3.2 % |
| State & local |
|
4.1 % |
4.7 % |
5.1 % |
4.2 % |
4 % |
2.5 % |
| |
|
|
|
|
|
|
| Addenda: |
|
|
|
|
|
|
| Final sales of domestic product |
|
2.8 % |
2.8 % |
3.5 % |
2.8 % |
2.7 % |
2.8 % |
| Gross domestic purchases |
|
3.3 % |
2.9 % |
2.8 % |
2.7 % |
1.5 % |
0.5 % |
| Final sales to domestic
purchasers |
|
2.8 % |
2.8 % |
3.5 % |
2.8 % |
2.7 % |
2.8 % |
| Gross national product
(GNP) |
|
- % |
2.9 % |
3 % |
2.9 % |
2.2 % |
1.5 % |
| Disposable personal income |
|
0.9 % |
1.5 % |
4.1 % |
4 % |
5 % |
2.9 % |
| |
|
|
|
|
|
|
| Current-dollar measures: |
|
|
|
|
|
|
| GDP |
|
- % |
- % |
- % |
- % |
- % |
- % |
| Final sales of domestic product |
|
- % |
- % |
- % |
- % |
- % |
- % |
| Gross domestic purchases |
|
- % |
- % |
- % |
- % |
- % |
- % |
| Final sales to domestic purchasers |
|
- % |
- % |
- % |
- % |
- % |
- % |
| GNP |
|
- % |
- % |
- % |
- % |
- % |
- % |
| Disposable personal income |
|
- % |
- % |
- % |
- % |
- % |
- % |
| |
|
|
|
|
|
|
U.S. Real Gross Domestic Product and Related Measures
GDP, U.S. Economy in Billions of U.S. dollars
Quarters seasonally adjusted
(At annual rates, in Billions of Dollars) |
II Q. 2024
final |
I Q. 2024
final |
IV Q. 2023
final |
III Q. 2023
final |
II Q. 2023
rev. |
I Q. 2023
adv. |
| Gross domestic product
(GDP) |
|
28,629.2 |
28,269.2 |
27,957.0 |
27,644.5 |
27,063.0 |
26,529.8 |
|
Personal consumption expenditures |
|
19,377.7 |
19,142.5 |
18,914.5 |
18,711.6 |
18,419.0 |
18,113.1 |
| Goods |
|
6,260.9 |
6,211.7 |
6,255.7 |
6,228.8 |
6,144.7 |
6,079.0 |
| Durable
goods |
|
2,185.4 |
2,174.6 |
2,202.2 |
2,205.1 |
2,193.6 |
2,258.9 |
| Motor vehicles & parts |
|
725.8 |
725.2 |
758.4 |
765.2 |
772.7 |
776.4 |
| Furniture & household equipment |
|
476.1 |
475.0 |
475.7 |
479.0 |
475.4 |
533.2 |
| Other |
|
281.2 |
278.5 |
274.5 |
271.5 |
269.1 |
297.0 |
| |
|
|
|
|
|
|
|
| Nondurable goods |
|
4,075.5 |
4,037.1 |
4,053.5 |
4,023.6 |
3,951.1 |
3,820.1 |
| Food off-premises consumption |
|
1,468.7 |
1,463.6 |
1,456.6 |
1,448.1 |
1,434.1 |
1,318.2 |
| Clothing
& shoes |
|
528.1 |
523.9 |
520.6 |
521.4 |
511.4 |
501.2 |
| Gasoline,
fuel, oil & other energy goods |
|
464.7 |
453.0 |
478.2 |
479.4 |
456.7 |
443.1 |
| Other |
|
1,613.9 |
1,596.6 |
1,598.1 |
1,574.8 |
1,549.0 |
1,557.6 |
| |
|
|
|
|
|
|
|
| Services |
|
13,116.8 |
12,930.8 |
12,658.8 |
12,482.8 |
12,274.4 |
12,034.1 |
| Housing |
|
12,514.8 |
12,345.3 |
12,098.9 |
11,933.2 |
11,730.1 |
11,498.0 |
| Food services |
|
1,426.4 |
1,414.1 |
1,411.2 |
1,377.5 |
1,347.1 |
1,352.3 |
| Electricity & gas |
|
3,465.4 |
3,415.9 |
3,356.0 |
3,310.2 |
3,243.8 |
3,160.1 |
| Financial services |
|
1,417.1 |
1,390.4 |
1,336.8 |
1,353.7 |
1,316.7 |
1,352.6 |
| Transportation |
|
630.1 |
625.0 |
619.4 |
607.4 |
597.8 |
583.2 |
| Medical
care |
|
3,221.0 |
3,170.4 |
3,087.0 |
3,012.8 |
2,972.9 |
2,879.6 |
| Recreation |
|
754.1 |
745.5 |
730.8 |
721.0 |
709.3 |
661.1 |
| Other |
|
1,600.7 |
1,583.9 |
1,557.7 |
1,550.7 |
1,542.5 |
1,509.0 |
| |
|
|
|
|
|
|
|
|
Gross private domestic investment |
|
5,144.6 |
5,020.5 |
4,954.4 |
4,922.1 |
4,780.3 |
4,569.2 |
| Fixed investment |
|
5,051.7 |
4,984.6 |
4,884.3 |
4,811.4 |
4,761.7 |
4,557.2 |
| Nonresidential |
|
3,904.6 |
3,842.1 |
3,783.5 |
3,729.3 |
3,709.1 |
3,533.6 |
| Structures |
|
876.1 |
883.1 |
876.6 |
841.9 |
832.5 |
732.7 |
| Equipment & software |
|
1,448.1 |
1,403.6 |
1,383.9 |
1,385.7 |
1,390.4 |
1,353.4 |
| Information processing equipment & software |
|
487.7 |
474.6 |
463.0 |
452.3 |
457.8 |
434.8 |
| Computers & peripheral equipment |
|
115.3 |
115.1 |
112.4 |
112.6 |
112.4 |
120.0 |
| Software |
|
685.1 |
670.5 |
655.5 |
641.6 |
633.6 |
601.6 |
| Other |
|
779.9 |
769.9 |
755.1 |
747.6 |
740.2 |
725.9 |
| Industrial equipment |
|
318.3 |
318.7 |
306.1 |
305.6 |
308.6 |
327.5 |
| Transportation equipment |
|
312.5 |
281.6 |
291.2 |
306.7 |
302.7 |
294.9 |
| Other equipment |
|
329.6 |
328.7 |
323.5 |
321.1 |
321.2 |
296.2 |
| Residential |
|
1,147.1 |
1,142.4 |
1,100.8 |
1,082.1 |
1,052.6 |
1,023.6 |
| |
|
|
|
|
|
|
|
| Change
in private inventories |
|
92.9 |
36.0 |
70.1 |
110.7 |
18.6 |
12.0 |
| Farm |
|
-3.0 |
-2.6 |
-1.6 |
5.0 |
2.0 |
-0.5 |
| Nonfarm |
|
95.9 |
38.6 |
71.7 |
105.6 |
16.6 |
12.5 |
| |
|
|
|
|
|
|
|
| Net
exports of goods & services |
|
-894.4 |
-834.9 |
-783.7 |
-781.6 |
-806.1 |
-802.3 |
| Exports |
|
3,117.9 |
3,084.8 |
3,051.7 |
3,037.7 |
2,961.8 |
3,046.2 |
| Goods |
|
2,058.4 |
2,041.4 |
2,039.3 |
2,026.1 |
1,968.6 |
2,083.8 |
| Services |
|
1,059.5 |
1,043.4 |
1,012.4 |
1,011.6 |
993.2 |
962.5 |
| |
|
|
|
|
|
|
|
| Imports |
|
4,012.3 |
3,919.7 |
3,835.4 |
3,819.3 |
3,767.9 |
3,848.5 |
| Goods |
|
3,267.7 |
3,186.9 |
3,123.1 |
3,108.2 |
3,058.0 |
3,150.3 |
| Services |
|
744.6 |
732.8 |
712.3 |
711.0 |
709.8 |
698.3 |
| |
|
|
|
|
|
|
|
| Govt. consumption exp. & investment |
|
5,001.2 |
4,941.0 |
4,871.8 |
4,792.5 |
4,669.8 |
4,649.8 |
| Federal |
|
1,863.8 |
1,837.4 |
1,820.0 |
1,791.6 |
1,744.3 |
1,732.1 |
|
National defense |
|
1,048.2 |
1,030.1 |
1,022.0 |
1,008.8 |
978.9 |
959.2 |
|
Consumption expenditures |
|
811.1 |
803.7 |
794.4 |
788.8 |
764.9 |
765.8 |
|
Gross investment |
|
237.0 |
226.4 |
227.6 |
220.0 |
214.0 |
193.4 |
|
Nondefense |
|
815.7 |
807.3 |
798.0 |
782.1 |
776.5 |
772.9 |
|
Consumption expenditures |
|
576.5 |
572.1 |
565.7 |
557.3 |
542.3 |
574.8 |
|
Gross investment |
|
239.2 |
235.2 |
232.3 |
225.5 |
223.2 |
198.1 |
| State and local |
|
3,137.4 |
3,103.6 |
3,051.8 |
3,000.9 |
2,925.5 |
501.2 |
| Consumption
expenditures |
|
2,525.9 |
2,501.0 |
2,462.6 |
2,444.4 |
2,388.3 |
2,396.6 |
| Gross
investment |
|
611.5 |
602.6 |
589.3 |
556.5 |
537.2 |
521.1 |
| |
|
|
|
|
|
|
|
| Addenda: |
|
|
|
|
|
|
|
| Final sales of domestic product |
|
28,536.3 |
28,233.2 |
27,886.9 |
27,533.8 |
27,044.5 |
26,517.7 |
| Gross domestic purchases |
|
29,523.5 |
29,104.1 |
28,740.7 |
28,426.1 |
27,869.1 |
27,332.1 |
| Final sales to domestic purchasers |
|
29,430.6 |
29,068.1 |
28,670.6 |
28,315.4 |
27,850.5 |
27,320.1 |
| Gross national product |
|
- |
28,417.3 |
28,117.8 |
27,812.4 |
27,236.1 |
26,654.0 |
| Net domestic product |
|
23,858.3 |
23,554.5 |
23,289.7 |
23,032.1 |
22,506.0 |
22,023.4 |
Annual U.S. Real Gross Domestic Product and Related Measures
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Quarters seasonally adjusted
(At annual rates Q / Q, in %) |
2023
final |
2022
final |
2021
|
2020
|
2019
|
2018
|
| Gross domestic product (GDP) |
|
2.5 % |
1.9 % |
5.9 % |
-3.4 % |
2.2 % |
2.9 % |
|
Personal consumption expenditures |
|
2.2 % |
2.5 % |
8.3 % |
-3.8 % |
2.4 % |
2.6 % |
| Goods |
|
0.8 % |
0.6 % |
8.8 % |
3.1 % |
3.1 % |
2.8 % |
| Durable goods |
|
2 % |
0.3 % |
12.2 % |
4.6 % |
3.7 % |
3.7 % |
| Nondurable goods |
|
2.3 % |
3.7 % |
6.3 % |
-7.5 % |
1.8 % |
2.1 % |
| Services
|
|
-1.2 % |
4.8 % |
9 % |
-5.5 % |
1.7 % |
5.9 % |
| |
|
|
|
|
|
|
|
Gross private domestic investment |
|
4.2 % |
-0.3 % |
18.5 % |
7.7 % |
4.8 % |
5.5 % |
| Fixed investment |
|
4.5 % |
5.2 % |
6.4 % |
-5.3 % |
2.9 % |
6.9 % |
| Nonresidential |
|
13.2 % |
-2.1 % |
-6.4 % |
-12.5 % |
-0.6 % |
5 % |
| Structures |
|
-0.3 % |
5.2 % |
10.3 % |
-8.3 % |
2.1 % |
7.4 % |
| Equipment &
software |
|
4.5 % |
9.1 % |
9.7 % |
2.8 % |
6.4 % |
7.5 % |
| Residential |
|
-10.6 % |
-9 % |
10.7 % |
6.8 % |
-1.7 % |
-0.3 % |
| Change in private
inventories |
|
- % |
- % |
- % |
- % |
- % |
- % |
| |
|
|
|
|
|
|
|
Net exports of goods and services |
|
|
|
|
|
|
| Exports
|
|
2.6 % |
7 % |
6.1 % |
-13.6 % |
-0.1 % |
4 % |
| Goods |
|
2.6 % |
5.8 % |
7.4 % |
-10.2 % |
-0.1 % |
4.7 % |
| Services |
|
2.5 % |
9.6 % |
3.3 % |
-19.8 % |
-0.1 % |
2.6 % |
| Imports
|
|
-1.7 % |
8.6 % |
14.1 % |
-8.9 % |
1.1 % |
4.5 % |
| Goods |
|
-1.6 % |
6.8 % |
14.5 % |
-5.6 % |
0.5 % |
4.8 % |
| Services |
|
-1.7 % |
17.5 % |
12.3 % |
-22.6 % |
3.7 % |
3.3 % |
| |
|
|
|
|
|
|
| Govt. consumption exp.
& gross investment |
|
4.1 % |
-0.9 % |
0.6 % |
2.5 % |
2.3 % |
1.5 % |
| Federal |
|
4.2 % |
-2.8 % |
2.3 % |
5 % |
4 % |
2.6 % |
| National defense |
|
3.4 % |
-2.8 % |
-1.2 % |
2.9 % |
5.6 % |
3.4 % |
| Nondefense |
|
5.2 % |
-2.9 % |
7.3 % |
8.1 % |
1.8 % |
1.5 % |
| State & local |
|
4 % |
0.2 % |
-0.5 % |
0.9 % |
1.3 % |
0.8 % |
| |
|
|
|
|
|
|
| Addenda: |
|
|
|
|
|
|
| Final sales of domestic product |
|
2.9 % |
1.3 % |
5.7 % |
-2.9 % |
2.2 % |
2.7 % |
| Gross domestic purchases |
|
1.9 % |
2.3 % |
7 % |
-3 % |
2.3 % |
3 % |
| Final sales to domestic
purchasers |
|
2.3 % |
1.7 % |
6.7 % |
-2.5 % |
2.3 % |
2.9 % |
| Gross national product
(GNP) |
|
2.4 % |
1.9 % |
5.7 % |
-3.6 % |
2 % |
2.9 % |
| Disposable personal income |
|
4.2 % |
-5.9 % |
1.8 % |
6.2 % |
2.2 % |
2.9 % |
| |
|
|
|
|
|
|
| Current-dollar measures: |
|
|
|
|
|
|
| GDP |
|
6.3 % |
9.1 % |
10.7 % |
-2.2 % |
4 % |
5.2 % |
| Final sales of domestic product |
|
6.7 % |
8.5 % |
10.5 % |
-1.6 % |
4 % |
5 % |
| Gross domestic purchases |
|
5.4 % |
9.3 % |
11.5 % |
-1.9 % |
3.9 % |
5.3 % |
| Final sales to domestic purchasers |
|
5.8 % |
8.7 % |
11.3 % |
-1.3 % |
3.9 % |
5.1 % |
| GNP |
|
6.2 % |
9 % |
10.5 % |
-2.4 % |
3.9 % |
5.2 % |
| Disposable personal income |
|
8.1 % |
0.2 % |
5.9 % |
7.5 % |
3.7 % |
5 % |
| |
|
|
|
|
|
|
Annual U.S. GDP
(In Billions of Dollars) |
2023
|
2022
|
2021
|
2020
|
2019
|
2018
|
| Gross domestic product
(GDP) |
|
27,360.9 |
25,744.1 |
23,315.1 |
20,893.7 |
21,433.2 |
21,427.1 |
|
Personal consumption expenditures |
|
18,570.6 |
17,511.7 |
15,902.6 |
14,047.6 |
14,544.6 |
14,561.2 |
| Goods |
|
6,191.5 |
5,997.0 |
5,496.5 |
4,653.8 |
4,512.2 |
4,505.3 |
| Durable
goods |
|
2,198.8 |
2,128.9 |
2,060.2 |
1,616.4 |
1,534.4 |
1,526.6 |
| Motor vehicles & parts |
|
768.0 |
730.8 |
688.7 |
541.3 |
521.8 |
531.2 |
| Furniture & household equipment |
|
478.3 |
477.4 |
495.0 |
390.4 |
357.4 |
353.7 |
| Other |
|
271.0 |
265.2 |
272.6 |
208.5 |
221.7 |
224.1 |
| |
|
|
|
|
|
|
|
| Nondurable goods |
|
3,992.7 |
3,868.1 |
3,436.3 |
3,037.4 |
2,977.9 |
2,978.6 |
| Food off-premises consumption |
|
1,442.3 |
1,393.5 |
1,205.0 |
1,146.7 |
1,025.7 |
1,032.4 |
| Clothing
& shoes |
|
516.9 |
500.7 |
461.3 |
362.4 |
403.5 |
398.9 |
| Gasoline,
fuel, oil & other energy goods |
|
471.2 |
510.1 |
369.4 |
246.8 |
335.4 |
338.0 |
| Other |
|
1,562.4 |
1,463.8 |
1,400.5 |
1,281.5 |
1,213.3 |
1,209.3 |
| |
|
|
|
|
|
|
|
| Services |
|
12,379.2 |
11,514.7 |
10,406.1 |
9,393.7 |
10,032.4 |
10,055.9 |
| Housing |
|
11,828.7 |
10,982.6 |
9,940.5 |
8,872.9 |
9,593.2 |
9,606.6 |
| Food services |
|
1,367.4 |
1,237.2 |
1,060.9 |
801.5 |
999.5 |
1,019.2 |
| Electricity & gas |
|
3,278.7 |
3,053.3 |
2,775.4 |
2,668.1 |
2,681.2 |
2,670.2 |
| Financial services |
|
1,321.9 |
1,252.5 |
1,275.0 |
1,196.3 |
1,176.1 |
1,156.1 |
| Transportation |
|
604.2 |
562.2 |
444.1 |
363.4 |
483.4 |
478.1 |
| Medical
care |
|
2,999.6 |
2,776.7 |
2,583.5 |
2,308.4 |
2,450.8 |
2,467.9 |
| Recreation |
|
716.3 |
654.9 |
528.5 |
416.5 |
580.4 |
586.9 |
| Other |
|
1,540.6 |
1,445.8 |
1,273.2 |
1,118.5 |
1,221.8 |
1,228.4 |
| |
|
|
|
|
|
|
|
|
Gross private domestic investment |
|
4,843.9 |
4,756.6 |
4,113.5 |
3,637.8 |
3,751.2 |
3,744.2 |
| Fixed investment |
|
4,790.3 |
4,599.3 |
4,132.6 |
3,697.4 |
3,702.1 |
3,675.9 |
| Nonresidential |
|
3,716.1 |
3,433.0 |
3,025.0 |
2,799.6 |
2,895.0 |
2,878.4 |
| Structures |
|
839.8 |
700.5 |
598.2 |
597.2 |
650.2 |
626.6 |
| Equipment & software |
|
1,381.4 |
1,327.2 |
1,194.0 |
1,123.9 |
1,241.0 |
1,240.9 |
| Information processing equipment & software |
|
459.0 |
479.3 |
426.7 |
413.9 |
397.2 |
412.7 |
| Computers & peripheral equipment |
|
111.6 |
104.1 |
90.5 |
87.4 |
90.7 |
93.0 |
| Software |
|
640.6 |
598.1 |
512.4 |
453.4 |
411.2 |
414.5 |
| Other |
|
742.7 |
703.1 |
629.8 |
537.7 |
501.9 |
503.4 |
| Industrial equipment |
|
307.8 |
300.0 |
277.3 |
241.7 |
260.9 |
252.5 |
| Transportation equipment |
|
293.4 |
232.0 |
224.5 |
206.0 |
310.3 |
301.6 |
| Other equipment |
|
321.2 |
315.9 |
265.5 |
262.3 |
272.5 |
274.1 |
| Residential |
|
1,074.2 |
1,166.4 |
1,107.6 |
897.8 |
807.1 |
797.5 |
| |
|
|
|
|
|
|
|
| Change
in private inventories |
|
53.6 |
157.3 |
-19.1 |
-59.6 |
49.1 |
68.3 |
| Farm |
|
-0.9 |
-19.5 |
-3.0 |
-6.0 |
-14.5 |
-7.6 |
| Nonfarm |
|
54.5 |
176.8 |
-16.1 |
-53.6 |
63.6 |
75.8 |
| |
|
|
|
|
|
|
|
| Net
exports of goods & services |
|
-798.7 |
-971.1 |
-861.7 |
-651.2 |
-610.5 |
-631.7 |
| Exports |
|
3,027.2 |
2,995.0 |
2,539.6 |
2,123.4 |
2,514.8 |
2,504.2 |
| Goods |
|
2,031.3 |
2,063.2 |
1,741.5 |
1,416.6 |
1,636.7 |
1,643.8 |
| Services |
|
996.0 |
931.8 |
798.2 |
706.8 |
878.0 |
860.4 |
| |
|
|
|
|
|
|
|
| Imports |
|
3,825.9 |
3,966.2 |
3,401.4 |
2,774.6 |
3,125.2 |
3,136.0 |
| Goods |
|
3,111.8 |
3,262.4 |
2,844.7 |
2,309.2 |
2,525.6 |
2,530.1 |
| Services |
|
714.1 |
703.8 |
556.7 |
465.4 |
599.6 |
605.9 |
| |
|
|
|
|
|
|
|
| Govt. consumption exp. & investment |
|
4,745.1 |
4,446.8 |
4,160.7 |
3,859.5 |
3,747.9 |
3,753.5 |
| Federal |
|
1,771.7 |
1,635.5 |
1,609.2 |
1,501.8 |
1,419.2 |
1,423.5 |
|
National defense |
|
994.7 |
928.4 |
904.0 |
881.3 |
852.4 |
846.7 |
|
Consumption expenditures |
|
777.1 |
726.0 |
713.0 |
700.5 |
676.5 |
677.9 |
|
Gross investment |
|
217.6 |
202.4 |
191.0 |
180.9 |
175.9 |
168.8 |
|
Nondefense |
|
777.0 |
721.7 |
659.7 |
598.8 |
576.8 |
540.9 |
|
Consumption expenditures |
|
552.1 |
503.0 |
533.8 |
461.0 |
420.8 |
436.1 |
|
Gross investment |
|
225.0 |
204.1 |
171.4 |
159.5 |
146.0 |
140.6 |
| State and local |
|
2,973.4 |
2,811.3 |
2,551.6 |
2,357.8 |
2,328.7 |
2,330.0 |
| Consumption
expenditures |
|
2,423.5 |
2,341.1 |
2,106.9 |
1,916.5 |
1,897.8 |
1,904.5 |
| Gross
investment |
|
549.9 |
470.2 |
444.6 |
441.2 |
431.0 |
425.4 |
| |
|
|
|
|
|
|
|
| Addenda: |
|
|
|
|
|
|
|
| Final sales of domestic product |
|
27,307.3 |
25,586.8 |
23,334.2 |
20,953.3 |
21,384.1 |
21,358.8 |
| Gross domestic purchases |
|
28,159.6 |
26,715.2 |
24,176.8 |
21,544.9 |
22,043.7 |
22,058.8 |
| Final sales to domestic purchasers |
|
28,106.0 |
26,557.9 |
24,195.9 |
21,604.5 |
21,994.6 |
21,990.6 |
| Gross national product |
|
27,525.1 |
25,926.0 |
23,488.2 |
21,116.1 |
21,702.9 |
21,723.2 |
| Net domestic product |
|
22,775.1 |
21,444.2 |
19,483.5 |
17,317.8 |
18,012.3 |
17,964.1 |
|
